AIBC

Indonesia cracked down on DeFi competition against CBDC

Posted:Jun 18, 2021 05:06 Category: Asia , Crypto , Regulatory , Posted by
Ravindu Dabarera

The central bank is mobilizing supervisors to enforce crypto payment ban

Perry-Warjiyo-2015The governor of Indonesia’s central bank, Perry Warjiyo, has announced a grand mobilization of official supervisors to enforce the country-wide bans on financial institutions to offer payments with crypto assets. Warjiyo emphasized cryptocurrencies to not be legitimate under the Indonesian constitution, Bank Indonesia Law and Currency Law.

This ban has been in place since late 2017, while the Commodity Futures Trading Regulatory Agency legitimized cryptocurrencies as speculative commodity, and for no other use cases, in February 2019.

It seems, that Bank Indonesia does not want to have any DeFi competitors on the market, since the institution has announced working on a CBDC project on May 25, just a week prior to the new warning.

Bank Indonesia revealed concordant to the announcement, that digital payments have seen a 60.3% year-on-year increase, stating that a state-backed digital currency aligns with its policy of digitalization, according to the Coin Telegraph.

About Malta Week:

For the first time ever SiGMA Group is bringing its 4 leading shows together for the mother of all conferences. From the 16th to 18th November, SiGMA, alongside AGS and AIBC will bring the best in the business to a first-class meeting point at the Malta Fairs and Convention Centre (MFCC).

The week will also play host to the second edition of Med-Tech World, a digital health conference which will be held at the Hilton, Malta.

Malta Week is a chance for investors to leverage the significant crossover potential for multi-faceted business deals and to double down on opportunities to connect with some of the leading affiliates, policymakers, thought leaders, suppliers, and operators in the industry.

Related Posts

An unfinished battle: Coinbase vs…

Stuart Alderoty, Ripple’s chief legal officer, has expressed his belief that Coinbase’s ongoing legal battle with the US Securities and…